Updated from 5:45 p.m. EDTMarkets in India opened higher Wednesday but couldn't hold on to gains after the release of disappointing industrial production numbers. India's industrial production growth came in at 5.3% year on year for January, vs. 11.6% for January of last year. "The market is jittery because you are seeing a slowdown in growth on supply constraints and suddenly things are not as rosy as they were six months ago," said R. Balakrishnan, executive director at Mumbai-based Centrum Broking. The Bombay Stock Exchange's Sensex Index finished flat at 16,127.98. In the technology sector, Indian IT company Patni Computer Systems ( PTI) announced plans to aggressively pursue sales in the Asia Pacific region to hedge against a slowdown in America, according to finanicalexpress.com. "Patni, which gets more than three quarters of its revenue from the United States, expects 9 percent of its revenue to come from Asia-Pacific, including Japan, in three years from 5 percent now," said Asian regional head Deepak Khosla. ADR shares of PTI closed up 1.7% to $10.65. Indian telecommunications company Tata Communications ( TCL) its expansion plans for the next three years. The company didn't provide specifics on how it plans to raise the $1 billion, but some market participants speculated that the firm will sell a stake or make a qualified institutional placement of shares. ADR shares of TCL closed flat up 0.8% at $25. The Indian technology sector came under pressure Wednesday with Satyam Computer ( SAY), plunging 9% to $21.57; Infosys Technologies ( INFY), falling 4% to $35.33; and Cognizant Technology ( CTSH), finishing down 2% at $28.86. Be sure to check out the Far East Portfolio at Stockpickr.com every night to find out which stocks in India and China are making big moves and announcing major news.
In the technology sector, Chinese Internet search engine Baidu.com ( BIDU) put in a solid performance, with the stock advancing $13. Shares of Baidu saw a boost after a Susquehanna Financial Group analyst said in a note to clients, "Baidu's traffic rose in late February due to a return to normal Web usage in the wake of the Chinese New Year holiday and searches for photos related to a sex-photo scandal that involved some Hong Kong celebrities." ADR shares of Baidu finished up 5% at $273.64. Chinese biotechnology company 3SBio ( SSRX) received some good news after Wall Street brokerage house Brean Murry initiated coverage of the firm with a buy rating and a 12-month price target of $12. ADR shares of SSRX finished up 0.1% at $7.50. Chinese alternative energy company JA Solar Holdings ( JASO) reported a 47% surge in fourth-quarter profits as revenue tripled due to strong demand for solar power products. The company forecasted 2008 revenue to come in between the range of $990 million to $1.1 billion, vs. Wall Street estimates of $779.2 million. ADR shares of JASO finished higher by 2.4% to $14.93 on twice the average daily volume. Elsewhere in the Chinese alternative energy sector, LDK Solar ( LDK) fell 7% to $20.43; Trina Solar ( TSL) dropped 6.4% to $27.87, Suntech Power Holdings ( STP) traded higher by 8% to $32.67, and Yingli Green Energy ( YGI) finished up 1.7% at $14.94. Be sure to check out the Far East Portfolio at Stockpickr.com every night to find out which stocks in India and China are making big moves and announcing major news. For more on Asia, check out Daniel Harrison's coverage at TheStreet.com.